Over-50s retire too early

Four in five retirees (80%) wished they had worked longer, according to research by SunLife.

Out of 50,000 people surveyed, 85% of those over 50 years old think they have retired too early - rising to 88% for those over 70.

Those who are retired or semi-retired said they did so 2-and-a-half years early, while those over 70 said they retired 3 years too early.

Furthermore, 18% of retirees are earning additional income through other means, such as starting their own business, selling items online, renting out a property or private tutoring.

Some of those in retirement may be receiving income through the state pension. The current stage pension age is between 62 and 65 for women and 65 for men.

Changes are due to come into force from 2019 as the state pension age will rise to age 66 for men and women by 2020.

Ian Atkinson, marketing director at SunLife, said:

“Our research shows people aged 50 and over feel 10 years younger mentally and almost four years younger physically.

“Far from being ‘over the hill’, people in their 50s, 60s and 70s are feeling fit, healthy and sharp, which could explain why so many feel they gave up work too early and why so many are starting new careers.

“People over 50 certainly don’t feel old and are not prepared to stop doing what they want to do just because of their age.”